The Real Estate Operating Agreement serves as the foundational document for real estate investment ventures in the United States. It's essential when multiple parties come together to invest in, manage, or develop real estate properties. This document outlines everything from ownership percentages and capital requirements to management responsibilities and profit distributions. It's particularly important for protecting all parties' interests while ensuring compliance with state-specific LLC laws and federal regulations. The agreement should be customized based on the specific needs of the venture, property type, and investment strategy.
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1. Parties: Identifies all members/parties to the operating agreement, including their legal names and addresses
2. Background/Recitals: States the purpose of forming the real estate operating entity and basic premises of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Company Formation: Details about the LLC formation, including name, purpose, and principal place of business
5. Capital Contributions: Specifies initial and additional capital contributions from members
6. Membership Interests: Outlines ownership percentages and voting rights
7. Management Structure: Defines management responsibilities and decision-making processes
8. Distributions: Details how profits and losses will be distributed among members
9. Transfer Restrictions: Rules regarding the transfer of membership interests
10. Dissolution: Procedures for company dissolution and asset distribution
1. Buy-Sell Provisions: Procedures for buying out members' interests - include when members want clear exit mechanisms
2. Property Management: Specific procedures for property management - include when the company will self-manage properties
3. REIT Compliance: Provisions ensuring REIT qualification - include when operating as a REIT
4. Special Allocations: Complex profit/loss allocation provisions - include for sophisticated investment structures
1. Schedule A - Member Information: Detailed list of members, their contributions, and ownership percentages
2. Schedule B - Property Schedule: List of properties owned by the company
3. Schedule C - Valuation Methods: Agreed methods for valuing company assets or interests
4. Appendix A - Property Management Procedures: Detailed property management protocols and procedures
5. Appendix B - Required Insurance Coverage: Specific insurance requirements for properties and operations
Relevant legal definitions
Act (State LLC Act)
Additional Capital Contribution
Adjusted Capital Account
Affiliate
Agreement
Articles of Organization
Available Cash
Bankruptcy
Capital Account
Capital Contribution
Certificate of Formation
Code (Internal Revenue Code)
Company
Company Property
Defaulting Member
Distributable Cash
Effective Date
Fiscal Year
Initial Capital Contribution
Investment Return
LLC
Major Decisions
Managing Member
Member
Membership Interest
Net Income
Net Loss
Operating Expenses
Percentage Interest
Person
Pro Rata Share
Property Manager
Qualified Transferee
Real Property
Reserves
Transfer
Treasury Regulations
Unit
Unreturned Capital Contribution
Voting Interest
Additional Capital Contribution
Adjusted Capital Account
Affiliate
Agreement
Articles of Organization
Available Cash
Bankruptcy
Capital Account
Capital Contribution
Certificate of Formation
Code (Internal Revenue Code)
Company
Company Property
Defaulting Member
Distributable Cash
Effective Date
Fiscal Year
Initial Capital Contribution
Investment Return
LLC
Major Decisions
Managing Member
Member
Membership Interest
Net Income
Net Loss
Operating Expenses
Percentage Interest
Person
Pro Rata Share
Property Manager
Qualified Transferee
Real Property
Reserves
Transfer
Treasury Regulations
Unit
Unreturned Capital Contribution
Voting Interest
Clauses
Formation and Purpose
Capital Contributions
Management Rights
Voting Rights
Distributions
Transfer Restrictions
Buy-Sell Provisions
Capital Calls
Property Management
Operating Expenses
Profit and Loss Allocation
Tax Matters
Confidentiality
Non-Competition
Indemnification
Insurance Requirements
Dispute Resolution
Termination
Dissolution
Amendment Procedures
Right of First Refusal
Tag-Along Rights
Drag-Along Rights
Books and Records
Meetings and Notices
Representations and Warranties
Force Majeure
Governing Law
Assignment
Severability
Capital Contributions
Management Rights
Voting Rights
Distributions
Transfer Restrictions
Buy-Sell Provisions
Capital Calls
Property Management
Operating Expenses
Profit and Loss Allocation
Tax Matters
Confidentiality
Non-Competition
Indemnification
Insurance Requirements
Dispute Resolution
Termination
Dissolution
Amendment Procedures
Right of First Refusal
Tag-Along Rights
Drag-Along Rights
Books and Records
Meetings and Notices
Representations and Warranties
Force Majeure
Governing Law
Assignment
Severability
Relevant Industries
Relevant Teams
Relevant Roles
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